周二，德国10年期国债收益率小幅回升至2.7%，投资者消化了强于预期的投资者情绪数据，同时为央行忙碌的一周做好了准备。德国ZEW经济景气指数从8月的34.7攀升至9月的37.3，远高于市场预期的26.3。反弹表明预期趋于稳定，尽管美国贸易政策持续存在风险，但金融市场专家仍持谨慎乐观态度。现在人们的注意力转向了美联储，人们普遍预计美联储将在周三降息至少25个基点，因为政策制定者面临着平衡劳动力市场降温与关税带来的通胀压力的挑战。在其他地方，预计英国和日本的央行将保持政策稳定。在欧洲，欧洲央行上周连续第二次保持利率不变，这表明其降息周期可能已经结束。

German 10-year Bund yields edged back up to 2.7% on Tuesday, as investors digested stronger-than-expected investor sentiment data while positioning for a busy week of central bank action. The ZEW Indicator of Economic Sentiment for Germany climbed to 37.3 in September, up from 34.7 in August and well above market expectations of 26.3. The rebound points to stabilizing expectations, with financial market experts remaining cautiously optimistic despite persistent risks tied to US trade policy. Attention now turns to the Federal Reserve, which is widely expected to cut rates by at least 25 basis points on Wednesday, as policymakers face the challenge of balancing a cooling labor market against inflationary pressures stemming from tariffs. Elsewhere, central banks in the UK and Japan are expected to hold policy steady. In Europe, the ECB last week kept rates unchanged for a second straight meeting, signaling that its rate-cutting cycle may have come to an end.

德国ZEW经济景气指数从8月份的34.7上升到2025年9月的37.3，超过了26.3的预测。ZEW总裁Achim Wambach表示：“金融市场专家持谨慎乐观态度，ZEW指标已经稳定，但经济形势已经恶化。由于美国关税政策和德国‘改革之秋’的不确定性仍在继续，因此仍存在相当大的风险。”与此同时，当前状况指标连续第二个月从-68.6降至-76.4，低于市场预期的-75。

The ZEW Indicator of Economic Sentiment for Germany increased to 37.3 in September 2025 from 34.7 in August, beating forecasts of 26.3. "Financial market experts are cautiously optimistic and the ZEW indicator has stabilized, but the economic situation has worsened. There are still considerable risks, as uncertainty about the US tariff policy and Germany’s ‘autumn of reforms’ continues”, according to ZEW President Achim Wambach. Meanwhile, the current conditions gauge declined for a second consecutive month to -76.4 from -68.6, worse than market expectations of -75.

德国ZEW情绪改善，尽管基础薄弱，但出口前景更加光明。德国9月ZEW经济景气指数从34.7升至37.3，高于预期，而预测为25.0。这一改善凸显了金融市场专家日益乐观的态度，尤其是对出口导向型行业的乐观态度。

German ZEW sentiment improves, outlook brighter for exports despite weak base.Germany's ZEW Economic Sentiment index rose more than expected in September, climbing from 34.7 to 37.3 against forecasts of 25.0. The improvement highlights growing optimism among financial market experts, particularly toward export-oriented sectors.

周二，法兰克福DAX指数下跌0.3%，收于23700点以下，交易员正在等待美联储从今天开始的为期两天的政策会议的结果。人们普遍预计，美联储将在2025年首次降息，其中25个基点的降息已完全反映在价格中。市场关注的焦点还集中在西班牙的美中贸易谈判上，TikTok剥离讨论占据中心舞台，而在数据方面，德国ZEW经济景气指数将公布。在个股中，拜耳和海德堡材料表现不佳，分别下跌2.6%和2.4%。其他跌幅最大的公司包括德国商业银行、费森尤斯医疗股份有限公司、德之馨、默克、保时捷汽车控股和大陆集团，各下跌超过1%。从好的方面来看，再保险公司Hannover Ruck和Munchener Ruck分别上涨3.6%和2%，位居指数榜首。

The DAX in Frankfurt fell 0.3% to trade below the 23,700 mark on Tuesday, as traders awaited the outcome of the Fed's two-day policy meeting starting today. The US Federal Reserve is widely expected to deliver its first rate cut of 2025, with a 25-basis-point reduction fully priced in. Market attention also centered on US-China trade talks in Spain, with TikTok divestiture discussions taking center stage, while on the data front, the ZEW Economic Sentiment Index for Germany will be released. Among individual stocks, Bayer and Heidelberg Materials underperformed, shedding 2.6% and 2.4%, respectively. Other top decliners included Commerzbank, Fresenius Medical SE & Co, Symrise, Merck, Porsche Automobil Holding, and Continental, each losing more than 1%. On the upside, reinsurance companies Hannover Ruck and Munchener Ruck topped the index, rising 3.6% and 2%, respectively.